Latest news with #DepartmentOfTrade
LBCI
4 days ago
- Business
- LBCI
South Africa seeks extension of Trump tariff deadline to pursue trade deal
South Africa has asked for more time to negotiate a trade deal with U.S. President Donald Trump's administration before his higher tariff regime goes into effect on July 9, Pretoria's trade ministry said on Tuesday. Trump imposed a 31% tax on U.S. imports from South Africa in April as part of his global "reciprocal" tariffs before pausing their application for 90 days to allow for negotiations. South Africa aims to secure a trade deal that would exempt some of its key exports from the tariffs, including autos, auto parts, steel, and aluminum. It has offered to buy liquefied natural gas from the United States in exchange. It is also seeking a maximum tariff application of 10% as a worst-case scenario, the Department of Trade, Industry and Competition said in a statement. South African officials met with Assistant U.S. Trade Representative for Africa Connie Hamilton in Luanda last week, and learned that the U.S. was developing a template to use for its engagements with African countries, the statement said. "In view of this development..., African countries, including South Africa, have advocated for the extension of the 90-day deadline to enable countries to prepare their proposed deals in accordance with the new template," it said. The U.S. Trade Representative's office did not immediately respond to a request for comment. Reuters
The Herald
5 days ago
- Business
- The Herald
Government seeks extension of Trump tariff deadline to pursue trade deal
South Africa has asked for more time to negotiate a trade deal with US President Donald Trump's administration before his higher tariff regime goes into effect on July 9, the trade, industry and competition department said on Tuesday. Trump imposed a 31% tax on US imports from South Africa in April as part of his global 'reciprocal' tariffs, before pausing their application for 90 days to allow negotiations. South Africa aims to secure a trade deal that would exempt some of its key exports from the tariffs, including cars, car parts, steel and aluminium. It has offered to buy liquefied natural gas from the US in exchange. It is also seeking a maximum tariff application of 10% as a worst-case scenario, the department said. South African officials met assistant US trade representative for Africa Connie Hamilton in Luanda last week and learnt that the US was developing a template to use for its engagements with African countries. 'In view of this development, African countries, including South Africa, have advocated for the extension of the 90-day deadline to enable countries to prepare their proposed deals in accordance with the new template,' the department said.
